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What is the difference between strategic planning and strategic management?

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-Strategic plan is a management tool to help an organization do a better job – to focus its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization’s in response to a changing environment. The process called strategic planning raises a sequence of questions that help planners examine, test assumptions, gather and incorporate information about the present, and anticipate the environment in which the organization will be working in the future.
Strategic plan is a management tool to help an organization do a better job – to focus its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization’s in response to a changing environment. The process called strategic planning raises a sequence of questions that help planners examine, test assumptions, gather and incorporate information about the present, and anticipate the environment in which the organization will be working in the future.

-Strategic management is a process by which top management determines the long-term direction
and performance of the organization by ensuring that careful formulation, effective
implementation and continuous evaluation of strategy take place. Different scholars had defined
it differently as below:
? David (2003) defines strategic management as “an art and science of formulating,
implementing, and evaluating cross-functional decisions that enable an organization
to achieve its objectives’’
I. Thompson and Strickland (2010) say strategic management involves:
- developing a concept of the business and forming a vision of where the organization
needs to be headed;
- converting the mission into specific performance objectives;
- crafting a strategy to achieve the targeted performance;
- implementing and executing the chosen strategy efficiently and effectively; and
-evaluating the whole process.
II. Johnson and Scholes (2005) defined it as “Strategic Management can simply be
defined as planning for effective allocation of the organisations scarce resources and
efficient utilization of those resources with the aim of achieving organisation’s
vision or future intended dream”.

Titany answered the question on October 19, 2021 at 07:00

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